The mall was a $100 million project undertaken by New England Development Corporation to redevelop the former New England Shopping Center which consisted of Sears, Service Merchandise and the former General Cinemas which had closed in the mid-1980s.[2][3] The construction of the mall was unique since it incorporated the previously built structure of Sears, signs of this being the difference in building materials between Sears and the rest of the mall. The mall opened for business in Summer August 17, 1994.[2][4]

The mall is credited with bringing sprawl and strip development to Saugus, especially along the Route 1 corridor. Route 1 through the area is a 6 lane highway (3 lanes in each direction) with a speed limit of 50 mph (80 km/h).

Filene's Basement, one of the malls former anchors, filed for bankruptcy protection on May 4, 2009. New York’s Crown Acquisitions, made a bid to buy Filene's Basement including their famous Downtown Crossing location which closed in 2007.[5] All Filene's Basement stores closed in December 2011.